proyecto tribasa
TRANSCRIPT
TribasaDeberU.S.F.Q. ECN320 Evaluacin y Financiacin de Proyectos - Concesin vial de obra pblica Tipo BOT.Copyright Jaime Maya Profesor USFQ 2010ELABORACION DE ESTADOS FINANCIEROS PROFORMA EN PESOS MEXICANOS (000,000)CON UN PASIVO EN DOLARES (000)Las proformas se eslaboran por semestres y no por aos para ajustarse al calendario de pagos de la deudaMIREYA JARAMILLOPARAMETROS (Value Drivers)Debe entrar un nmero distinto de ceroToll real Pirmides10para que se haga la simulacin0101119Toll real Manzanillo5Trafico inicial diario Pirmides(000)14.5Tasa de cambio inicial3.11PESOS MEX/US Trafico inicial diario Manzanillo(000)9Tasa media devaluacin semestral0.023Gastos Operativos Variables0.14Razn de PayOut1Tasa anual de Costo de Capital0.13Tasa semestral pasiva de inters en DOLARES0.0525Tasa semestral de Costo de Capital0.0630145813Tasa semestral pasiva de interes en PESOS 0.15Coeficiente de variacin del trfico medio0.15Tasa semestral activa de interes en PESOS 0.07Tasa de impuesto a la renta0.35Ao199419951996199719981999200020012002200320042005200620072008200920102011TASAS DE CAMBIOSemestre123456789101112131415161718192021222324252627282930313233343536Tasas de Cambio al inicio de cada ao3.113.113.181533.254705193.32956340943.40614336783.48448466523.56462781253.64661425223.730486383.81628756683.90406218083.9938556114.085714294.17968571874.27581849024.37416231554.47476804884.57768771394.68297453134.79068294554.90086865335.01358863235.12890117085.24686589785.36754381345.49099732115.61729025955.74648793555.8786571586.01386627266.15218519696.29368545646.43844022196.5865243476.7380144076.8929887384Tasa media de devaluacin semestral 0.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.023Valor de alfa "" para distribucin exponencial43.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.4782608696Tasa de devaluacin semestral anual simulada con Monte Carlo 0.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.023Tasa de cambio semestral final simulada con MonteCarlo3.113.181533.254705193.32956340943.40614336783.48448466523.56462781253.64661425223.730486383.81628756683.90406218083.9938556114.085714294.17968571874.27581849024.37416231554.47476804884.57768771394.68297453134.79068294554.90086865335.01358863235.12890117085.24686589785.36754381345.49099732115.61729025955.74648793555.8786571586.01386627266.15218519696.29368545646.43844022196.5865243476.7380144076.89298873847.0515274793Estos clculos son ncesarios para el pasivo en dlares
ESCENARIO
OPTIMISTAAo199419951996199719981999200020012002200320042005200620072008200920102011PROFIT
&
LOSSSemestre123456789101112131415161718192021222324252627282930313233343536INGRESOS
Inflacin anual proyectada
Jonathan: Mireya:Datos obtenidos del caso; Pgina 12 en el pie de
pgina
(7).0.0760.0810.0890.0870.0850.0850.0850.0850.0850.0850.0850.0850.0850.0850.0850.0850.0850.085Inflacin
semestral
calculada0.03730.03730.03970.03970.04360.04360.04260.04260.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.0416Toll
nominal Pirmides al comienzo de cada
semestre1010.37310.76011.18711.63212.13812.66713.20613.76914.34214.93915.56116.20916.88417.58718.31919.08219.87620.70421.56522.46323.39924.37325.38726.44427.54528.69229.88731.13132.42733.77735.18336.64838.17439.76341.419Toll
nominal Manzanillo al comienzo de cada
semestre55.1875.3805.5945.8166.0696.3336.6036.8847.1717.4707.7818.1048.4428.7939.1599.5419.93810.35210.78311.23211.69912.18612.69413.22213.77314.34614.94315.56516.21416.88917.59218.32419.08719.88220.709
PirmidesTrfico vehicular diario inicial
(000)14.514.6450014.7914514.9393615.0887615.2396515.3920415.5459615.7014215.8584416.0170216.1771916.3389616.5023516.6673816.8340517.0023917.1724117.3441417.5175817.6927617.8696818.0483818.2288618.4111518.5952618.7812218.9690319.1587219.3503119.5438119.7392519.9366420.1360120.3373720.54074Crecimiento
medio semestral (%)
Jonathan: Mireya:Datos Obtenidos del Caso, Pg. 13 en el pie de
pgina.0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01Crecimiento
real (%) (Simulacin Monte
Carlo)0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01Trfico
vehicular diario al finalizar este semestre
(000)14.64514.7914514.939364515.08875814515.239645726415.392042183715.545962605615.701422231615.858436453916.017020818516.177191026616.338962936916.502352566316.667376091916.834049852917.002390351417.172414254917.344138397517.517579781417.692755579217.86968313518.048379966418.228863766118.411152403718.595263927718.78121656718.969028732719.1587190219.350306210219.543809272319.739247365119.936639838720.136006237120.337366299520.540739962520.7461473621Trfico
vehicular diario promedio este semestre
(000)14.572514.71822514.8654072515.014061322515.164201935715.315843955115.469002394615.623692418615.779929342815.937728636216.097105922616.258076981816.420657751616.584864329116.750712972416.918220102117.087402303217.258276326217.430859089417.605167680317.781219357117.959031550718.138621866218.320008084918.503208165718.688240247418.875122649919.063873876419.254512615119.447057741319.641528318719.837943601920.036323037920.236686268320.43905313120.6434436623ManzanilloTrfico
vehicular diario inicial
(000)99.099.18099.2727099.365436099.45909045099.55368135549.6492181699.74571035079.84316745429.941599128710.0410151210.141425271210.242839523910.345267919110.448720598310.553207804310.658739882410.765327281210.87298055410.981710359511.091527463111.202442737811.314467165111.427611836811.541887955211.657306834711.773879903111.891618702112.010534889112.13064023812.251946640412.374466106812.498210767812.623192875512.7494248043Crecimiento
medio semestral (%)
Jonathan: Mireya:Datos Obtenidos del caso Pg. 14 en el pie de
pgina0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01Crecimiento
real (%) (Simulacin Monte
Carlo)0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01Trfico
vehicular diario al finalizar este semestre
(000)9.099.18099.2727099.365436099.45909045099.55368135549.6492181699.74571035079.84316745429.941599128710.0410151210.141425271210.242839523910.345267919110.448720598310.553207804310.658739882410.765327281210.87298055410.981710359511.091527463111.202442737811.314467165111.427611836811.541887955211.657306834711.773879903111.891618702112.010534889112.13064023812.251946640412.374466106812.498210767812.623192875512.749424804312.8769190523Trfico
vehicular diario promedio este semestre
(000)9.0459.135459.22680459.3190725459.41226327049.50638590329.60144976229.69746425989.79443890249.89238329149.991307124310.091220195610.192132397510.294053721510.396994258710.500964201310.605973843310.712033581810.819153917610.927345456811.036618911311.146985100411.258454951411.37103950111.48474989611.599597394911.715593368911.832749302611.951076795612.070587563612.191293439212.313206373612.436338437312.560701821712.686308839912.8131719283
Clculo de Ingresos OperativosIngreso diario Pirmides (000)145.725152.6727658537159.95178201167.9667440222176.3833246675185.9057566392195.9422775182206.3309118823217.2703397011228.5791883421240.4766587791252.9933885801266.1616099883280.0152329243294.5899323087309.9232399301326.0546410937343.0256763021360.880048227379.6637342495399.425104858420.215048209442.0871011703465.0975871857489.3057613156514.7739628266541.5677757231569.7561976352599.4118174964630.6110024703663.4340946055697.9656177276734.2944950991772.5142784087812.7233886789855.0253697141Ingreso semestral Pirmides (182.5 das) (000,000)26.594812527.862779768329.191200216830.65393078432.189956751833.927800586735.759465647137.655391418539.651836995541.715701872443.886990227246.171293415948.574493822951.102780008753.762662646356.560991287259.504971999662.602185925165.860608801469.288631500572.895081636676.689246298180.680895963684.880309661489.298301440193.946248215998.8361190695103.9805060684109.3926566931115.0865079508121.0767222655127.3787252353134.0087453556140.9838558096148.3220184339156.0421299728Ingreso diario Manzanillo45.22547.381249.6402082152.127610213854.73965248357.694889991560.809672333264.033731273867.428726114170.938368795874.630687207378.515189559382.601878961986.901279183491.42446175196.1830744611101.1893713739106.4562443696111.9972563463117.8266761464123.9595153008130.4115666856137.1994451908144.3406305059151.8535121324159.7574367393168.072757983176.8208889213186.0243571541195.7068628356205.8933397051216.6100192948227.884498479239.7458105406252.2244999348265.3527009458Ingreso semestral Manzanillo (182.5 das) (000,000)8.25356258.64706958339.05933799839.5132888649.989986578210.529317423411.097765200811.686155957512.305742515812.946252305213.620100415314.329022094615.074842910515.85948345116.684964269617.553411089118.467060275719.428264597520.439499283221.503368396722.622611542423.800110920125.038898747326.342165067327.713265964229.155732204930.673278331932.269812228133.949445180635.716502467537.575534496239.531328521341.588920972443.753610423746.030971238148.4268679226Total ingresos operativos semestrales por Pirmides y Manzanillo34.84837536.509849351638.250538215240.167219648142.1799433344.457118010146.857230847949.34154737651.957579511354.661954177757.507090642560.500315510563.649336733466.962263459670.447626915974.114402376477.972032275382.030450522686.300108084690.791999897295.517693179100.4893572183105.7197947109111.2224747287117.0115674043123.1019804208129.5093974014136.2503182965143.3421018737150.8030104183158.6522567617166.9100537566175.597666328184.7374662332194.352989672204.4689978954
Ao199419951996199719981999200020012002200320042005200620072008200920102011Semestre123456789101112131415161718192021222324252627282930313233343536TOTAL
INGRESOS34.84837536.509849351638.250538215240.167219648142.1799433344.457118010146.857230847949.34154737651.957579511354.661954177757.507090642560.500315510563.649336733466.962263459670.447626915974.114402376477.972032275382.030450522686.300108084690.791999897295.517693179100.4893572183105.7197947109111.2224747287117.0115674043123.1019804208129.5093974014136.2503182965143.3421018737150.8030104183158.6522567617166.9100537566175.597666328184.7374662332194.352989672204.4689978954EGRESOS
Gastos Operativos Variables. (No hay parmetro para los gastos
fijos)0.144.87877255.11137890925.35507535015.62341075075.90519206626.22399652146.56001231876.90781663267.27406113167.65267358498.050992698.47004417158.91090714279.37471688449.862667768210.376016332710.916084518511.484263073212.082015131812.710879985613.372477045114.068510010614.800771259515.57114646216.381619436617.234277258918.131315636219.075044561520.067894262321.112421458622.211315946623.367407525924.583673285925.863245272727.209418554128.6256597054
Saldo al inicio del semestre de la deuda en dlares (000)
Jonathan: Mireya:Dato inicial del ao 1994 fue obtenido del caso,
Pg.
14110000110000110000110000110000108715.37107330.72105120.06102786.599504.3696068.2191724.0587358.3282098.4876820.2670628.0964379.557142.1349786.6241046.7832097.4421836.8111189.532598.97000000000000
Abono a la deuda en dlares al final del semestre (000)
Jonathan: Mireya:Datos Obtenidos del Caso. Pg
1400001284.631384.652210.662333.563282.143436.154344.164365.735259.845278.226192.176248.597237.377355.518739.848949.3410260.6310647.288590.562598.97
Saldo al final del semestre de la deuda en dlares
(000)110000110000110000110000108715.37107330.72105120.06102786.599504.3696068.2191724.0587358.3282098.4876820.2670628.0964379.557142.1349786.6241046.7832097.4421836.8111189.532598.970000000000000
Intereses semestrales en dlares sobre saldo en dlares al inicio
(000)0.0525577557755775577557755707.5569255634.86285518.803155396.291255223.97895043.5810254815.5126254586.31184310.17024033.063653707.9747253379.923752999.9618252613.797552154.955951685.11561146.432525587.450325136.445925000000000000Intereses
semestrales en dlares pagados en pesos
mexicanos18.3733357518.795922472219.228228689119.67047794920.122898941820.345316156520.548170995920.587819985220.593799204120.394738456820.143334376119.674808745719.169341931918.429505437217.641275033816.59232682515.472235424214.048744821312.521875345810.56115606458.44847641625.87993911973.08227307690.7323794806000000000000Gasto
adicional por el abono a la deuda en dlares en pesos
mexicanos.00004.47627353554.93576190068.06142426288.70531379712.525590074413.414943262617.34994779117.837125447421.984478130622.568710671527.085556665227.960990881833.130419729834.445665994741.869802434543.859539873451.442577928154.608846858245.073516306613.9500853447000000000000Intereses
en pesos mexicanos ganados y por cobrar0.07
Jonathan: Mireya:Datos obtenidos del caso Pg.
140.62356933621.06465406731.13712860741.21658730171.1468503241.07965001521.08019807151.0868787461.08258728131.08462195971.09847791071.14452494191.20116733841.2735192341.3529460311.44363602561.53429036181.63443190521.68227987451.73835177941.82307127771.90230451882.61982390324.54578798866.57077125397.44184918537.81762052938.21293799568.62881829529.06633102449.526601415810.010813231810.520211809711.05610726411.619877856212.2129735396Intereses
en pesos mexicanos causados y por
pagar0.15000000000000000000000000000000000000TOTAL EGRESOS
22.628538913822.842647314123.446175431924.07730139829.357514219530.425424563434.089409505935.114071668839.310863128740.377733344744.445796946344.837453422748.863559866849.09941375953.236553436353.485698013957.984449310758.34424198464.791413037765.393224144171.440460111772.654991469760.336736739925.70782329889.81084818279.792428073610.313695106910.862106565911.439075967212.046090434212.684714530913.356594294114.063461476314.807138008715.589540697916.4126861658Utilidad
antes de
impuestos12.219836086213.667202037414.804362783316.089918250112.822429110514.031693446712.767821341914.227475707212.646716382614.28422083313.061293696215.662862087714.785776866617.862849700717.211073479620.628704362519.987582964623.686208538621.508695046925.398775753124.077233067327.834365748645.38305797185.5146514299107.2007192216113.3095523472119.1957022945125.3882117306131.9030259065138.7569199841145.9675422308153.5534594625161.5342048518169.9303282245178.7634489741188.0563117296Impuestos
a la
renta0.354.27694263024.78352071315.18152697415.63147138754.48785018874.91109270634.46873746974.97961649754.42635073394.99947729164.57145279375.48200173075.17502190336.25199739526.02387571797.22004652696.99565403768.29017298857.52804326648.88957151368.42703157369.74202801215.884070289929.930128000537.520251727639.658343321541.718495803143.885874105746.166059067348.564921994551.088639780853.743710811956.536971698159.475614878662.567207140965.8197091054Utilidad
Neta7.94289345618.88368132439.622835809110.45844686258.33457892189.12060074038.29908387239.24785920978.22036564879.28474354158.489840902610.1808603579.610754963311.610852305411.187197761813.408657835612.99192892715.396035550113.980651780516.509204239515.650201493718.092337736629.498987681255.584523429569.68046749473.651209025777.477206491481.502337624985.736966839390.191997989794.8789024599.8097486506104.9972331536110.454713346116.1962418332122.2366026243Traslado
a Utilidades Retenidas cuando estas son
negativas000000000000000000000000000000000000Utilidad Neta para
Dividendos7.94289345618.88368132439.622835809110.45844686258.33457892189.12060074038.29908387239.24785920978.22036564879.28474354158.489840902610.1808603579.610754963311.610852305411.187197761813.408657835612.99192892715.396035550113.980651780516.509204239515.650201493718.092337736629.498987681255.584523429569.68046749473.651209025777.477206491481.502337624985.736966839390.191997989794.8789024599.8097486506104.9972331536110.454713346116.1962418332122.2366026243Dividendos
a
pagar17.94289345618.88368132439.622835809110.45844686258.33457892189.12060074038.29908387239.24785920978.22036564879.28474354158.489840902610.1808603579.610754963311.610852305411.187197761813.408657835612.99192892715.396035550113.980651780516.509204239515.650201493718.092337736629.498987681255.584523429569.68046749473.651209025777.477206491481.502337624985.736966839390.191997989794.8789024599.8097486506104.9972331536110.454713346116.1962418332122.2366026243Utilidades
retenidas0000000000000000000000000000000000000
Ao199419951996199719981999200020012002200320042005200620072008200920102011CASH FLOWSemestre123456789101112131415161718192021222324252627282930313233343536Saldo Inicial3.1114.7062667515.712547970116.777234175917.983330948414.785578786516.062043431514.797623270516.250596961214.674129101216.309598873315.072815785517.628337145916.694609528219.699330466718.968127448722.295068336921.563292602825.161776633422.936415172426.770423973725.364161789629.042061229845.873234067884.0788634414103.7399479677108.9777031619114.4880817652120.285273735126.3842076114132.8005889598139.5509408151146.6526462307154.1239930421161.9842209606170.2535711179Ingresos Recaudacin de Peajes34.84837536.509849351638.250538215240.167219648142.1799433344.457118010146.857230847949.34154737651.957579511354.661954177757.507090642560.500315510563.649336733466.962263459670.447626915974.114402376477.972032275382.030450522686.300108084690.791999897295.517693179100.4893572183105.7197947109111.2224747287117.0115674043123.1019804208129.5093974014136.2503182965143.3421018737150.8030104183158.6522567617166.9100537566175.597666328184.7374662332194.352989672204.4689978954 Cobro de intereses en pesos mexicanos00.62356933621.06465406731.13712860741.21658730171.1468503241.07965001521.08019807151.0868787461.08258728131.08462195971.09847791071.14452494191.20116733841.2735192341.3529460311.44363602561.53429036181.63443190521.68227987451.73835177941.82307127771.90230451882.61982390324.54578798866.57077125397.44184918537.81762052938.21293799568.62881829529.06633102449.526601415810.010813231810.520211809711.05610726411.6198778562Total Ingresos37.95837551.839685437855.027740252658.081582431361.3798615860.389547120563.998924294665.219368717969.295055218570.418670560274.901311475576.671609206782.422198821184.858040326291.420476616694.435475856101.7107366379105.1280334872113.0963166232115.4106949441124.0264689321127.6765902856136.6641604595159.7155326997205.6362188342233.4126996423245.9289497485258.556020591271.8403136043285.8160363249300.5191767458315.9875959874332.2611257905349.381671085367.3933178966386.3424468696Egresos Pago de gastos operativos4.87877255.11137890925.35507535015.62341075075.90519206626.22399652146.56001231876.90781663267.27406113167.65267358498.050992698.47004417158.91090714279.37471688449.862667768210.376016332710.916084518511.484263073212.082015131812.710879985613.372477045114.068510010614.800771259515.57114646216.381619436617.234277258918.131315636219.075044561520.067894262321.112421458622.211315946623.367407525924.583673285925.863245272727.209418554128.6256597054 Pago de intereses (por deuda en dlares)18.3733357518.795922472219.228228689119.67047794920.122898941820.345316156520.548170995920.587819985220.593799204120.394738456820.143334376119.674808745719.169341931918.429505437217.641275033816.59232682515.472235424214.048744821312.521875345810.56115606458.44847641625.87993911973.08227307690.7323794806000000000000 Gasto adicional en pesos mexicanos por abono a la deuda en dlares00004.47627353554.93576190068.06142426288.70531379712.525590074413.414943262617.34994779117.837125447421.984478130622.568710671527.085556665227.960990881833.130419729834.445665994741.869802434543.859539873451.442577928154.608846858245.073516306613.9500853447000000000000 Pago de intereses (por deuda en pesos mexicanos)000000000000000000000000000000000000 Pago de prstamo bancario (por deuda en pesos mexicanos)000000000000000000000000000000000000 Pago de impuesto a la renta del semestre anterior04.27694263024.78352071315.18152697415.63147138754.48785018874.91109270634.46873746974.97961649754.42635073394.99947729164.57145279375.48200173075.17502190336.25199739526.02387571797.22004652696.99565403768.29017298857.52804326648.88957151368.42703157369.74202801215.884070289929.930128000537.520251727639.658343321541.718495803143.885874105746.166059067348.564921994551.088639780853.743710811956.536971698159.475614878662.5672071409Total Egresos23.2521082528.184244011729.366824752330.475415673836.13583593135.992924767340.080700283740.669687884545.373066907645.888706038250.543752148550.553431158355.546728935955.547954896360.841496862560.953209757466.738786199466.974327926874.763865900774.659619189982.15310290382.98432756272.698588655146.137681577246.311747437154.754528986557.789658957760.793540364663.95376836867.278480525970.776237941174.456047306778.327384097882.400216970886.685033432791.1928668463Saldo preliminar de Cash Flow14.7062667523.655441426225.660915500227.606166757525.24402564924.396622353323.918224010824.549680833523.921988310924.52996452224.35755932726.118178048426.875469885229.310085429930.578979754133.482266098734.971950438438.153705560438.332450722540.751075754241.873366029144.692262723663.9655718044113.5778511225159.3244713971178.6581706559188.1392907908197.7624802264207.8865452363218.537555799229.7429388047241.5315486807253.9337416927266.9814541142280.7082844639295.1495800232Deuda adicional en pesos mexicanos para cubrir el dficit000000000000000000000000000000000000Saldo final antes de pago de dividendos14.7062667523.655441426225.660915500227.606166757525.24402564924.396622353323.918224010824.549680833523.921988310924.52996452224.35755932726.118178048426.875469885229.310085429930.578979754133.482266098734.971950438438.153705560438.332450722540.751075754241.873366029144.692262723663.9655718044113.5778511225159.3244713971178.6581706559188.1392907908197.7624802264207.8865452363218.537555799229.7429388047241.5315486807253.9337416927266.9814541142280.7082844639295.1495800232 Pago de dividendos07.94289345618.88368132439.622835809110.45844686258.33457892189.12060074038.29908387239.24785920978.22036564879.28474354158.489840902610.1808603579.610754963311.610852305411.187197761813.408657835612.99192892715.396035550113.980651780516.509204239515.650201493718.092337736629.498987681255.584523429569.68046749473.651209025777.477206491481.502337624985.736966839390.191997989794.8789024599.8097486506104.9972331536110.454713346116.1962418332Saldo Final Caja/Bancos14.7062667515.712547970116.777234175917.983330948414.785578786516.062043431514.797623270516.250596961214.674129101216.309598873315.072815785517.628337145916.694609528219.699330466718.968127448722.295068336921.563292602825.161776633422.936415172426.770423973725.364161789629.042061229845.873234067884.0788634414103.7399479677108.9777031619114.4880817652120.285273735126.3842076114132.8005889598139.5509408151146.6526462307154.1239930421161.9842209606170.2535711179178.9533381901
Ao199419951996199719981999200020012002200320042005200620072008200920102011BALANCESSemestre12345ACTIVOS (en millones de pesos mexicanos) Caja/Bancos3.1114.7062667515.712547970116.777234175917.983330948414.785578786516.062043431514.797623270516.250596961214.674129101216.309598873315.072815785517.628337145916.694609528219.699330466718.968127448722.295068336921.563292602825.161776633422.936415172426.770423973725.364161789629.042061229845.873234067884.0788634414103.7399479677108.9777031619114.4880817652120.285273735126.3842076114132.8005889598139.5509408151146.6526462307154.1239930421161.9842209606170.2535711179178.9533381901 Intereses por cobrar en pesos mexicanos00.62356933621.06465406731.13712860741.21658730171.1468503241.07965001521.08019807151.0868787461.08258728131.08462195971.09847791071.14452494191.20116733841.2735192341.3529460311.44363602561.53429036181.63443190521.68227987451.73835177941.82307127771.90230451882.61982390324.54578798866.57077125397.44184918537.81762052938.21293799568.62881829529.06633102449.526601415810.010813231810.520211809711.05610726411.619877856212.2129735396 Subtotal Activos Corrientes3.1115.329836086216.777202037417.914362783319.199918250115.932429110517.141693446715.877821341917.337475707215.756716382617.39422083316.171293696218.772862087717.895776866620.972849700720.321073479623.738704362523.097582964626.796208538624.618695046928.508775753127.187233067330.944365748648.49305797188.6246514299110.3107192216116.4195523472122.3057022945128.4982117306135.0130259065141.8669199841149.0775422308156.6634594625164.6442048518173.0403282245181.8734489741191.1663117296 Activos Fijos depreciables0000000000000000000000000000000000000 Depreciacin acumulada0000000000000000000000000000000000000 Activos Fijos Netos0000000000000000000000000000000000000TOTAL ACTIVOS3.1115.329816.777217.914419.199915.932417.141715.877817.337515.756717.394216.171318.772917.895820.972820.321123.738723.097626.796224.618728.508827.187230.944448.493188.6247110.3107116.4196122.3057128.4982135.0130141.8669149.0775156.6635164.6442173.0403181.8734191.1663PASIVOS (en millones de pesos mexicanos) Prstamo Bancario en pesos mexicanos0000000000000000000000000000000000000 Intereses Bancarios por pagar en pesos mexicanos0000000000000000000000000000000000000 Impuesto a la Renta por pagar4.27694263024.78352071315.18152697415.63147138754.48785018874.91109270634.46873746974.97961649754.42635073394.99947729164.57145279375.48200173075.17502190336.25199739526.02387571797.22004652696.99565403768.29017298857.52804326648.88957151368.42703157369.74202801215.884070289929.930128000537.520251727639.658343321541.718495803143.885874105746.166059067348.564921994551.088639780853.743710811956.536971698159.475614878662.567207140965.8197091054 Dividendos por pagar (se pagarn al siguiente semestre)07.94289345618.88368132439.622835809110.45844686258.33457892189.12060074038.29908387239.24785920978.22036564879.28474354158.489840902610.1808603579.610754963311.610852305411.187197761813.408657835612.99192892715.396035550113.980651780516.509204239515.650201493718.092337736629.498987681255.584523429569.68046749473.651209025777.477206491481.502337624985.736966839390.191997989794.8789024599.8097486506104.9972331536110.454713346116.1962418332122.2366026243 Gastos Operativos por pagar (todos se pagan dentro del semestre)0000000000000000000000000000000000000Subtotal Pasivos Corrientes012.219836086213.667202037414.804362783316.089918250112.822429110514.031693446712.767821341914.227475707212.646716382614.28422083313.061293696215.662862087714.785776866617.862849700717.211073479620.628704362519.987582964623.686208538621.508695046925.398775753124.077233067327.834365748645.38305797185.5146514299107.2007192216113.3095523472119.1957022945125.3882117306131.9030259065138.7569199841145.9675422308153.5534594625161.5342048518169.9303282245178.7634489741188.0563117296TOTAL PASIVOS012.219836086213.667202037414.804362783316.089918250112.822429110514.031693446712.767821341914.227475707212.646716382614.28422083313.061293696215.662862087714.785776866617.862849700717.211073479620.628704362519.987582964623.686208538621.508695046925.398775753124.077233067327.834365748645.38305797185.5146514299107.2007192216113.3095523472119.1957022945125.3882117306131.9030259065138.7569199841145.9675422308153.5534594625161.5342048518169.9303282245178.7634489741188.0563117296PATRIMONIO (en millones de pesos mexicanos) Capital (Arbitrariamente fijado en 1 milln de dlares)3.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.11 Utilidad (prdida) acumulada0000000000000000000000000000000000000TOTAL PATRIMONIO3.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.11TOTAL PASIVOS Y PATR.3.1115.329816.777217.914419.199915.932417.141715.877817.337515.756717.394216.171318.772917.895820.972820.321123.738723.097626.796224.618728.508827.187230.944448.493188.6247110.3107116.4196122.3057128.4982135.0130141.8669149.0775156.6635164.6442173.0403181.8734191.1663Diferencia entre total de Activos y Pasivos ms Patrimonio00.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00-0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
HOJA CON FRMULASU.S.F.Q. ECN320 Evaluacin y Financiacin de Proyectos - Concesin vial de obra pblica Tipo BOT.Copyright Jaime Maya Profesor USFQ 2010ELABORACION DE ESTADOS FINANCIEROS PROFORMA EN PESOS MEXICANOS (000,000)CON UN PASIVO EN DOLARES (000)Las proformas se eslaboran por semestres y no por aos para ajustarse al calendario de pagos de la deudaMIREYA JARAMILLOPARAMETROS (Value Drivers)Debe entrar un nmero distinto de ceroToll real Pirmides10para que se haga la simulacin0101119Toll real Manzanillo5Trafico inicial diario Pirmides(000)14.5Tasa de cambio inicial3.11PESOS MEX/US Trafico inicial diario Manzanillo(000)9Tasa media devaluacin semestral0.023Gastos Operativos Variables0.14Razn de PayOut1Tasa anual de Costo de Capital0.13Tasa semestral pasiva de inters en DOLARES0.0525Tasa semestral de Costo de Capital0.0630145813Tasa semestral pasiva de interes en PESOS 0.15Coeficiente de variacin del trfico medio0.15Tasa semestral activa de interes en PESOS 0.07Tasa de impuesto a la renta0.35Ao199419951996199719981999200020012002200320042005200620072008200920102011TASAS DE CAMBIOSemestre123456789101112131415161718192021222324252627282930313233343536Tasas de Cambio al inicio de cada ao3.113.113.181533.254705193.32956340943.40614336783.48448466523.56462781253.64661425223.730486383.81628756683.90406218083.9938556114.085714294.17968571874.27581849024.37416231554.47476804884.57768771394.68297453134.79068294554.90086865335.01358863235.12890117085.24686589785.36754381345.49099732115.61729025955.74648793555.8786571586.01386627266.15218519696.29368545646.43844022196.5865243476.7380144076.8929887384Tasa media de devaluacin semestral 0.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.023Valor de alfa "" para distribucin exponencial43.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.478260869643.4782608696Tasa de devaluacin semestral anual simulada con Monte Carlo 0.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.0230.023Tasa de cambio semestral final simulada con MonteCarlo3.113.181533.254705193.32956340943.40614336783.48448466523.56462781253.64661425223.730486383.81628756683.90406218083.9938556114.085714294.17968571874.27581849024.37416231554.47476804884.57768771394.68297453134.79068294554.90086865335.01358863235.12890117085.24686589785.36754381345.49099732115.61729025955.74648793555.8786571586.01386627266.15218519696.29368545646.43844022196.5865243476.7380144076.89298873847.0515274793Estos clculos son ncesarios para el pasivo en dlares
ESCENARIO
OPTIMISTAAo199419951996199719981999200020012002200320042005200620072008200920102011PROFIT
&
LOSSSemestre123456789101112131415161718192021222324252627282930313233343536INGRESOS
Inflacin anual proyectada
Jonathan: Mireya:Datos obtenidos del caso; Pgina 12 en el pie de
pgina
(7).0.0760.0810.0890.0870.0850.0850.0850.0850.0850.0850.0850.0850.0850.0850.0850.0850.0850.085Inflacin
semestral
calculada0.03730.03730.03970.03970.04360.04360.04260.04260.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.04160.0416Toll
nominal Pirmides al comienzo de cada
semestre1010.37310.76011.18711.63212.13812.66713.20613.76914.34214.93915.56116.20916.88417.58718.31919.08219.87620.70421.56522.46323.39924.37325.38726.44427.54528.69229.88731.13132.42733.77735.18336.64838.17439.76341.419Toll
nominal Manzanillo al comienzo de cada
semestre55.1875.3805.5945.8166.0696.3336.6036.8847.1717.4707.7818.1048.4428.7939.1599.5419.93810.35210.78311.23211.69912.18612.69413.22213.77314.34614.94315.56516.21416.88917.59218.32419.08719.88220.709
PirmidesTrfico vehicular diario inicial
(000)14.514.6450014.7914514.9393615.0887615.2396515.3920415.5459615.7014215.8584416.0170216.1771916.3389616.5023516.6673816.8340517.0023917.1724117.3441417.5175817.6927617.8696818.0483818.2288618.4111518.5952618.7812218.9690319.1587219.3503119.5438119.7392519.9366420.1360120.3373720.54074Crecimiento
medio semestral (%)
Jonathan: Mireya:Datos Obtenidos del Caso, Pg. 13 en el pie de
pgina.0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01Crecimiento
real (%) (Simulacin Monte
Carlo)0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01Trfico
vehicular diario al finalizar este semestre
(000)14.64514.7914514.939364515.08875814515.239645726415.392042183715.545962605615.701422231615.858436453916.017020818516.177191026616.338962936916.502352566316.667376091916.834049852917.002390351417.172414254917.344138397517.517579781417.692755579217.86968313518.048379966418.228863766118.411152403718.595263927718.78121656718.969028732719.1587190219.350306210219.543809272319.739247365119.936639838720.136006237120.337366299520.540739962520.7461473621Trfico
vehicular diario promedio este semestre
(000)14.572514.71822514.8654072515.014061322515.164201935715.315843955115.469002394615.623692418615.779929342815.937728636216.097105922616.258076981816.420657751616.584864329116.750712972416.918220102117.087402303217.258276326217.430859089417.605167680317.781219357117.959031550718.138621866218.320008084918.503208165718.688240247418.875122649919.063873876419.254512615119.447057741319.641528318719.837943601920.036323037920.236686268320.43905313120.6434436623ManzanilloTrfico
vehicular diario inicial
(000)99.099.18099.2727099.365436099.45909045099.55368135549.6492181699.74571035079.84316745429.941599128710.0410151210.141425271210.242839523910.345267919110.448720598310.553207804310.658739882410.765327281210.87298055410.981710359511.091527463111.202442737811.314467165111.427611836811.541887955211.657306834711.773879903111.891618702112.010534889112.13064023812.251946640412.374466106812.498210767812.623192875512.7494248043Crecimiento
medio semestral (%)
Jonathan: Mireya:Datos Obtenidos del caso Pg. 14 en el pie de
pgina0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01Crecimiento
real (%) (Simulacin Monte
Carlo)0.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.010.01Trfico
vehicular diario al finalizar este semestre
(000)9.099.18099.2727099.365436099.45909045099.55368135549.6492181699.74571035079.84316745429.941599128710.0410151210.141425271210.242839523910.345267919110.448720598310.553207804310.658739882410.765327281210.87298055410.981710359511.091527463111.202442737811.314467165111.427611836811.541887955211.657306834711.773879903111.891618702112.010534889112.13064023812.251946640412.374466106812.498210767812.623192875512.749424804312.8769190523Trfico
vehicular diario promedio este semestre
(000)9.0459.135459.22680459.3190725459.41226327049.50638590329.60144976229.69746425989.79443890249.89238329149.991307124310.091220195610.192132397510.294053721510.396994258710.500964201310.605973843310.712033581810.819153917610.927345456811.036618911311.146985100411.258454951411.37103950111.48474989611.599597394911.715593368911.832749302611.951076795612.070587563612.191293439212.313206373612.436338437312.560701821712.686308839912.8131719283
Clculo de Ingresos OperativosIngreso diario Pirmides (000)145.725152.6727658537159.95178201167.9667440222176.3833246675185.9057566392195.9422775182206.3309118823217.2703397011228.5791883421240.4766587791252.9933885801266.1616099883280.0152329243294.5899323087309.9232399301326.0546410937343.0256763021360.880048227379.6637342495399.425104858420.215048209442.0871011703465.0975871857489.3057613156514.7739628266541.5677757231569.7561976352599.4118174964630.6110024703663.4340946055697.9656177276734.2944950991772.5142784087812.7233886789855.0253697141Ingreso semestral Pirmides (182.5 das) (000,000)26.594812527.862779768329.191200216830.65393078432.189956751833.927800586735.759465647137.655391418539.651836995541.715701872443.886990227246.171293415948.574493822951.102780008753.762662646356.560991287259.504971999662.602185925165.860608801469.288631500572.895081636676.689246298180.680895963684.880309661489.298301440193.946248215998.8361190695103.9805060684109.3926566931115.0865079508121.0767222655127.3787252353134.0087453556140.9838558096148.3220184339156.0421299728Ingreso diario Manzanillo45.22547.381249.6402082152.127610213854.73965248357.694889991560.809672333264.033731273867.428726114170.938368795874.630687207378.515189559382.601878961986.901279183491.42446175196.1830744611101.1893713739106.4562443696111.9972563463117.8266761464123.9595153008130.4115666856137.1994451908144.3406305059151.8535121324159.7574367393168.072757983176.8208889213186.0243571541195.7068628356205.8933397051216.6100192948227.884498479239.7458105406252.2244999348265.3527009458Ingreso semestral Manzanillo (182.5 das) (000,000)8.25356258.64706958339.05933799839.5132888649.989986578210.529317423411.097765200811.686155957512.305742515812.946252305213.620100415314.329022094615.074842910515.85948345116.684964269617.553411089118.467060275719.428264597520.439499283221.503368396722.622611542423.800110920125.038898747326.342165067327.713265964229.155732204930.673278331932.269812228133.949445180635.716502467537.575534496239.531328521341.588920972443.753610423746.030971238148.4268679226Total ingresos operativos semestrales por Pirmides y Manzanillo34.84837536.509849351638.250538215240.167219648142.1799433344.457118010146.857230847949.34154737651.957579511354.661954177757.507090642560.500315510563.649336733466.962263459670.447626915974.114402376477.972032275382.030450522686.300108084690.791999897295.517693179100.4893572183105.7197947109111.2224747287117.0115674043123.1019804208129.5093974014136.2503182965143.3421018737150.8030104183158.6522567617166.9100537566175.597666328184.7374662332194.352989672204.4689978954
Ao199419951996199719981999200020012002200320042005200620072008200920102011Semestre123456789101112131415161718192021222324252627282930313233343536TOTAL
INGRESOS34.84837536.509849351638.250538215240.167219648142.1799433344.457118010146.857230847949.34154737651.957579511354.661954177757.507090642560.500315510563.649336733466.962263459670.447626915974.114402376477.972032275382.030450522686.300108084690.791999897295.517693179100.4893572183105.7197947109111.2224747287117.0115674043123.1019804208129.5093974014136.2503182965143.3421018737150.8030104183158.6522567617166.9100537566175.597666328184.7374662332194.352989672204.4689978954EGRESOS
Gastos Operativos Variables. (No hay parmetro para los gastos
fijos)0.144.87877255.11137890925.35507535015.62341075075.90519206626.22399652146.56001231876.90781663267.27406113167.65267358498.050992698.47004417158.91090714279.37471688449.862667768210.376016332710.916084518511.484263073212.082015131812.710879985613.372477045114.068510010614.800771259515.57114646216.381619436617.234277258918.131315636219.075044561520.067894262321.112421458622.211315946623.367407525924.583673285925.863245272727.209418554128.6256597054
Saldo al inicio del semestre de la deuda en dlares (000)
Jonathan: Mireya:Dato inicial del ao 1994 fue obtenido del caso,
Pg.
14110000110000110000110000110000108715.37107330.72105120.06102786.599504.3696068.2191724.0587358.3282098.4876820.2670628.0964379.557142.1349786.6241046.7832097.4421836.8111189.532598.97000000000000
Abono a la deuda en dlares al final del semestre (000)
Jonathan: Jonathan:Datos Obtenidos del Caso. Pg
1400001284.631384.652210.662333.563282.143436.154344.164365.735259.845278.226192.176248.597237.377355.518739.848949.3410260.6310647.288590.562598.97
Saldo al final del semestre de la deuda en dlares
(000)110000110000110000110000108715.37107330.72105120.06102786.599504.3696068.2191724.0587358.3282098.4876820.2670628.0964379.557142.1349786.6241046.7832097.4421836.8111189.532598.970000000000000
Intereses semestrales en dlares sobre saldo en dlares al inicio
(000)0.0525577557755775577557755707.5569255634.86285518.803155396.291255223.97895043.5810254815.5126254586.31184310.17024033.063653707.9747253379.923752999.9618252613.797552154.955951685.11561146.432525587.450325136.445925000000000000Intereses
semestrales en dlares pagados en pesos
mexicanos18.3733357518.795922472219.228228689119.67047794920.122898941820.345316156520.548170995920.587819985220.593799204120.394738456820.143334376119.674808745719.169341931918.429505437217.641275033816.59232682515.472235424214.048744821312.521875345810.56115606458.44847641625.87993911973.08227307690.7323794806000000000000Gasto
adicional por el abono a la deuda en dlares en pesos
mexicanos.00004.47627353554.93576190068.06142426288.70531379712.525590074413.414943262617.34994779117.837125447421.984478130622.568710671527.085556665227.960990881833.130419729834.445665994741.869802434543.859539873451.442577928154.608846858245.073516306613.9500853447000000000000Intereses
en pesos mexicanos ganados y por cobrar0.07
Jonathan: Mireya:Datos obtenidos del caso Pg.
140.62356933621.06465406731.13712860741.21658730171.1468503241.07965001521.08019807151.0868787461.08258728131.08462195971.09847791071.14452494191.20116733841.2735192341.3529460311.44363602561.53429036181.63443190521.68227987451.73835177941.82307127771.90230451882.61982390324.54578798866.57077125397.44184918537.81762052938.21293799568.62881829529.06633102449.526601415810.010813231810.520211809711.05610726411.619877856212.2129735396Intereses
en pesos mexicanos causados y por
pagar0.15000000000000000000000000000000000000TOTAL EGRESOS
22.628538913822.842647314123.446175431924.07730139829.357514219530.425424563434.089409505935.114071668839.310863128740.377733344744.445796946344.837453422748.863559866849.09941375953.236553436353.485698013957.984449310758.34424198464.791413037765.393224144171.440460111772.654991469760.336736739925.70782329889.81084818279.792428073610.313695106910.862106565911.439075967212.046090434212.684714530913.356594294114.063461476314.807138008715.589540697916.4126861658Utilidad
antes de
impuestos12.219836086213.667202037414.804362783316.089918250112.822429110514.031693446712.767821341914.227475707212.646716382614.28422083313.061293696215.662862087714.785776866617.862849700717.211073479620.628704362519.987582964623.686208538621.508695046925.398775753124.077233067327.834365748645.38305797185.5146514299107.2007192216113.3095523472119.1957022945125.3882117306131.9030259065138.7569199841145.9675422308153.5534594625161.5342048518169.9303282245178.7634489741188.0563117296Impuestos
a la
renta0.354.27694263024.78352071315.18152697415.63147138754.48785018874.91109270634.46873746974.97961649754.42635073394.99947729164.57145279375.48200173075.17502190336.25199739526.02387571797.22004652696.99565403768.29017298857.52804326648.88957151368.42703157369.74202801215.884070289929.930128000537.520251727639.658343321541.718495803143.885874105746.166059067348.564921994551.088639780853.743710811956.536971698159.475614878662.567207140965.8197091054Utilidad
Neta7.94289345618.88368132439.622835809110.45844686258.33457892189.12060074038.29908387239.24785920978.22036564879.28474354158.489840902610.1808603579.610754963311.610852305411.187197761813.408657835612.99192892715.396035550113.980651780516.509204239515.650201493718.092337736629.498987681255.584523429569.68046749473.651209025777.477206491481.502337624985.736966839390.191997989794.8789024599.8097486506104.9972331536110.454713346116.1962418332122.2366026243Traslado
a Utilidades Retenidas cuando estas son
negativas000000000000000000000000000000000000Utilidad Neta para
Dividendos7.94289345618.88368132439.622835809110.45844686258.33457892189.12060074038.29908387239.24785920978.22036564879.28474354158.489840902610.1808603579.610754963311.610852305411.187197761813.408657835612.99192892715.396035550113.980651780516.509204239515.650201493718.092337736629.498987681255.584523429569.68046749473.651209025777.477206491481.502337624985.736966839390.191997989794.8789024599.8097486506104.9972331536110.454713346116.1962418332122.2366026243Dividendos
a
pagar17.94289345618.88368132439.622835809110.45844686258.33457892189.12060074038.29908387239.24785920978.22036564879.28474354158.489840902610.1808603579.610754963311.610852305411.187197761813.408657835612.99192892715.396035550113.980651780516.509204239515.650201493718.092337736629.498987681255.584523429569.68046749473.651209025777.477206491481.502337624985.736966839390.191997989794.8789024599.8097486506104.9972331536110.454713346116.1962418332122.2366026243Utilidades
retenidas0000000000000000000000000000000000000
Ao199419951996199719981999200020012002200320042005200620072008200920102011CASH FLOWSemestre123456789101112131415161718192021222324252627282930313233343536Saldo Inicial3.1114.7062667515.712547970116.777234175917.983330948414.785578786516.062043431514.797623270516.250596961214.674129101216.309598873315.072815785517.628337145916.694609528219.699330466718.968127448722.295068336921.563292602825.161776633422.936415172426.770423973725.364161789629.042061229845.873234067884.0788634414103.7399479677108.9777031619114.4880817652120.285273735126.3842076114132.8005889598139.5509408151146.6526462307154.1239930421161.9842209606170.2535711179Ingresos Recaudacin de Peajes34.84837536.509849351638.250538215240.167219648142.1799433344.457118010146.857230847949.34154737651.957579511354.661954177757.507090642560.500315510563.649336733466.962263459670.447626915974.114402376477.972032275382.030450522686.300108084690.791999897295.517693179100.4893572183105.7197947109111.2224747287117.0115674043123.1019804208129.5093974014136.2503182965143.3421018737150.8030104183158.6522567617166.9100537566175.597666328184.7374662332194.352989672204.4689978954 Cobro de intereses en pesos mexicanos00.62356933621.06465406731.13712860741.21658730171.1468503241.07965001521.08019807151.0868787461.08258728131.08462195971.09847791071.14452494191.20116733841.2735192341.3529460311.44363602561.53429036181.63443190521.68227987451.73835177941.82307127771.90230451882.61982390324.54578798866.57077125397.44184918537.81762052938.21293799568.62881829529.06633102449.526601415810.010813231810.520211809711.05610726411.6198778562Total Ingresos37.95837551.839685437855.027740252658.081582431361.3798615860.389547120563.998924294665.219368717969.295055218570.418670560274.901311475576.671609206782.422198821184.858040326291.420476616694.435475856101.7107366379105.1280334872113.0963166232115.4106949441124.0264689321127.6765902856136.6641604595159.7155326997205.6362188342233.4126996423245.9289497485258.556020591271.8403136043285.8160363249300.5191767458315.9875959874332.2611257905349.381671085367.3933178966386.3424468696Egresos Pago de gastos operativos4.87877255.11137890925.35507535015.62341075075.90519206626.22399652146.56001231876.90781663267.27406113167.65267358498.050992698.47004417158.91090714279.37471688449.862667768210.376016332710.916084518511.484263073212.082015131812.710879985613.372477045114.068510010614.800771259515.57114646216.381619436617.234277258918.131315636219.075044561520.067894262321.112421458622.211315946623.367407525924.583673285925.863245272727.209418554128.6256597054 Pago de intereses (por deuda en dlares)18.3733357518.795922472219.228228689119.67047794920.122898941820.345316156520.548170995920.587819985220.593799204120.394738456820.143334376119.674808745719.169341931918.429505437217.641275033816.59232682515.472235424214.048744821312.521875345810.56115606458.44847641625.87993911973.08227307690.7323794806000000000000 Gasto adicional en pesos mexicanos por abono a la deuda en dlares00004.47627353554.93576190068.06142426288.70531379712.525590074413.414943262617.34994779117.837125447421.984478130622.568710671527.085556665227.960990881833.130419729834.445665994741.869802434543.859539873451.442577928154.608846858245.073516306613.9500853447000000000000 Pago de intereses (por deuda en pesos mexicanos)000000000000000000000000000000000000 Pago de prstamo bancario (por deuda en pesos mexicanos)000000000000000000000000000000000000 Pago de impuesto a la renta del semestre anterior04.27694263024.78352071315.18152697415.63147138754.48785018874.91109270634.46873746974.97961649754.42635073394.99947729164.57145279375.48200173075.17502190336.25199739526.02387571797.22004652696.99565403768.29017298857.52804326648.88957151368.42703157369.74202801215.884070289929.930128000537.520251727639.658343321541.718495803143.885874105746.166059067348.564921994551.088639780853.743710811956.536971698159.475614878662.5672071409Total Egresos23.2521082528.184244011729.366824752330.475415673836.13583593135.992924767340.080700283740.669687884545.373066907645.888706038250.543752148550.553431158355.546728935955.547954896360.841496862560.953209757466.738786199466.974327926874.763865900774.659619189982.15310290382.98432756272.698588655146.137681577246.311747437154.754528986557.789658957760.793540364663.95376836867.278480525970.776237941174.456047306778.327384097882.400216970886.685033432791.1928668463Saldo preliminar de Cash Flow14.7062667523.655441426225.660915500227.606166757525.24402564924.396622353323.918224010824.549680833523.921988310924.52996452224.35755932726.118178048426.875469885229.310085429930.578979754133.482266098734.971950438438.153705560438.332450722540.751075754241.873366029144.692262723663.9655718044113.5778511225159.3244713971178.6581706559188.1392907908197.7624802264207.8865452363218.537555799229.7429388047241.5315486807253.9337416927266.9814541142280.7082844639295.1495800232Deuda adicional en pesos mexicanos para cubrir el dficit000000000000000000000000000000000000Saldo final antes de pago de dividendos14.7062667523.655441426225.660915500227.606166757525.24402564924.396622353323.918224010824.549680833523.921988310924.52996452224.35755932726.118178048426.875469885229.310085429930.578979754133.482266098734.971950438438.153705560438.332450722540.751075754241.873366029144.692262723663.9655718044113.5778511225159.3244713971178.6581706559188.1392907908197.7624802264207.8865452363218.537555799229.7429388047241.5315486807253.9337416927266.9814541142280.7082844639295.1495800232 Pago de dividendos07.94289345618.88368132439.622835809110.45844686258.33457892189.12060074038.29908387239.24785920978.22036564879.28474354158.489840902610.1808603579.610754963311.610852305411.187197761813.408657835612.99192892715.396035550113.980651780516.509204239515.650201493718.092337736629.498987681255.584523429569.68046749473.651209025777.477206491481.502337624985.736966839390.191997989794.8789024599.8097486506104.9972331536110.454713346116.1962418332Saldo Final Caja/Bancos14.7062667515.712547970116.777234175917.983330948414.785578786516.062043431514.797623270516.250596961214.674129101216.309598873315.072815785517.628337145916.694609528219.699330466718.968127448722.295068336921.563292602825.161776633422.936415172426.770423973725.364161789629.042061229845.873234067884.0788634414103.7399479677108.9777031619114.4880817652120.285273735126.3842076114132.8005889598139.5509408151146.6526462307154.1239930421161.9842209606170.2535711179178.9533381901
Ao199419951996199719981999200020012002200320042005200620072008200920102011BALANCESSemestre12345ACTIVOS (en millones de pesos mexicanos) Caja/Bancos3.1114.7062667515.712547970116.777234175917.983330948414.785578786516.062043431514.797623270516.250596961214.674129101216.309598873315.072815785517.628337145916.694609528219.699330466718.968127448722.295068336921.563292602825.161776633422.936415172426.770423973725.364161789629.042061229845.873234067884.0788634414103.7399479677108.9777031619114.4880817652120.285273735126.3842076114132.8005889598139.5509408151146.6526462307154.1239930421161.9842209606170.2535711179178.9533381901 Intereses por cobrar en pesos mexicanos00.62356933621.06465406731.13712860741.21658730171.1468503241.07965001521.08019807151.0868787461.08258728131.08462195971.09847791071.14452494191.20116733841.2735192341.3529460311.44363602561.53429036181.63443190521.68227987451.73835177941.82307127771.90230451882.61982390324.54578798866.57077125397.44184918537.81762052938.21293799568.62881829529.06633102449.526601415810.010813231810.520211809711.05610726411.619877856212.2129735396 Subtotal Activos Corrientes3.1115.329836086216.777202037417.914362783319.199918250115.932429110517.141693446715.877821341917.337475707215.756716382617.39422083316.171293696218.772862087717.895776866620.972849700720.321073479623.738704362523.097582964626.796208538624.618695046928.508775753127.187233067330.944365748648.49305797188.6246514299110.3107192216116.4195523472122.3057022945128.4982117306135.0130259065141.8669199841149.0775422308156.6634594625164.6442048518173.0403282245181.8734489741191.1663117296 Activos Fijos depreciables0000000000000000000000000000000000000 Depreciacin acumulada0000000000000000000000000000000000000 Activos Fijos Netos0000000000000000000000000000000000000TOTAL ACTIVOS3.1115.329816.777217.914419.199915.932417.141715.877817.337515.756717.394216.171318.772917.895820.972820.321123.738723.097626.796224.618728.508827.187230.944448.493188.6247110.3107116.4196122.3057128.4982135.0130141.8669149.0775156.6635164.6442173.0403181.8734191.1663PASIVOS (en millones de pesos mexicanos) Prstamo Bancario en pesos mexicanos0000000000000000000000000000000000000 Intereses Bancarios por pagar en pesos mexicanos0000000000000000000000000000000000000 Impuesto a la Renta por pagar4.27694263024.78352071315.18152697415.63147138754.48785018874.91109270634.46873746974.97961649754.42635073394.99947729164.57145279375.48200173075.17502190336.25199739526.02387571797.22004652696.99565403768.29017298857.52804326648.88957151368.42703157369.74202801215.884070289929.930128000537.520251727639.658343321541.718495803143.885874105746.166059067348.564921994551.088639780853.743710811956.536971698159.475614878662.567207140965.8197091054 Dividendos por pagar (se pagarn al siguiente semestre)07.94289345618.88368132439.622835809110.45844686258.33457892189.12060074038.29908387239.24785920978.22036564879.28474354158.489840902610.1808603579.610754963311.610852305411.187197761813.408657835612.99192892715.396035550113.980651780516.509204239515.650201493718.092337736629.498987681255.584523429569.68046749473.651209025777.477206491481.502337624985.736966839390.191997989794.8789024599.8097486506104.9972331536110.454713346116.1962418332122.2366026243 Gastos Operativos por pagar (todos se pagan dentro del semestre)0000000000000000000000000000000000000Subtotal Pasivos Corrientes012.219836086213.667202037414.804362783316.089918250112.822429110514.031693446712.767821341914.227475707212.646716382614.28422083313.061293696215.662862087714.785776866617.862849700717.211073479620.628704362519.987582964623.686208538621.508695046925.398775753124.077233067327.834365748645.38305797185.5146514299107.2007192216113.3095523472119.1957022945125.3882117306131.9030259065138.7569199841145.9675422308153.5534594625161.5342048518169.9303282245178.7634489741188.0563117296TOTAL PASIVOS012.219836086213.667202037414.804362783316.089918250112.822429110514.031693446712.767821341914.227475707212.646716382614.28422083313.061293696215.662862087714.785776866617.862849700717.211073479620.628704362519.987582964623.686208538621.508695046925.398775753124.077233067327.834365748645.38305797185.5146514299107.2007192216113.3095523472119.1957022945125.3882117306131.9030259065138.7569199841145.9675422308153.5534594625161.5342048518169.9303282245178.7634489741188.0563117296PATRIMONIO (en millones de pesos mexicanos) Capital (Arbitrariamente fijado en 1 milln de dlares)3.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.11 Utilidad (prdida) acumulada0000000000000000000000000000000000000TOTAL PATRIMONIO3.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.113.11TOTAL PASIVOS Y PATR.3.1115.329816.777217.914419.199915.932417.141715.877817.337515.756717.394216.171318.772917.895820.972820.321123.738723.097626.796224.618728.508827.187230.944448.493188.6247110.3107116.4196122.3057128.4982135.0130141.8669149.0775156.6635164.6442173.0403181.8734191.1663Diferencia entre total de Activos y Pasivos ms Patrimonio00.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00-0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00